Monthly Archives March 2009

Student Loan Bonuses Offered

March 23, 2009 New Zealand Finance  No comments

Voluntary payment bonuses on student loans are now applicable to overseas based persons.

Anne Tolley Tertiary Education Minister has announced that the National-led Government is expanding on its pre-election promise to award a bonus to large enough voluntary payments to people’s student loan balances.

Starting on the 1st of April, any student loan payments of the $500 threshold by either New Zealand or overseas individuals will be awarded with a 10% bonus. Previously the promise was only for New Zealand based peoples.

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PM Encourage Tax Cut Donations

March 20, 2009 New Zealand Taxation  No comments

New Zealand Prime Minister John Key has suggested that if people are in a position to, that they donate their upcoming tax cuts to charity.

In an effort to foster what he calls an “American giving culture”, Prime Minister John Key has said that those who could not bring themselves to spend the new tax cuts, or are otherwise unlikely to need it survive, should consider donating it to charity. He also pointed to a figure claiming that almost 60% of those donating in any given year are likely to not know about the tax rebate that they are automatically entitled to.

While at the moment only a third of what you donate to charity can be claimed as a tax rebate, there have been other suggestions surfacing in regards to possible new rebates...

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IRD Offering Tax Help

March 19, 2009 New Zealand Taxation  No comments

The Inland Revenue Department (IRD) is offering help to those expecting difficulty in paying the taxation bills.

Bob Russell Commissioner of Inland Revenue has made comments recently in regards to businesses that have concerns about their ability to meet upcoming tax payments. While Bob Russell did not promise that tax would be reduced or that the rigidity of the tax system would be slackened, it seemed he wanted to display the IRD’s new found policy of possible lenience.

Options mentioned for firms include possible payment plans or a delay in late fees. Interest payments on the late payment will still be accrued in the normal fashion, but the calling-off on some fees could serve as a boon for struggling businesses...

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Fuel Tax Alternative Proposed

March 16, 2009 New Zealand Taxation  No comments

It has been revealed that the government is investigating the possibility of buy trains for the Auckland electrification system, in lieu of charging a regional fuel tax.

All indications had it, until last week, that the government was planning on implementing a regional fuel tax on fuel sales in Auckland. The majority of this tax would have been used to finance the electrification of Auckland’s railway system. Last week concerns were voiced about the impact that the regional tax would have on consumers, especially when coupled with the increase in national fuel taxes.

Today indications were made that KiwiRail, which is owned by the Government, would purchase the electric trains required for the system...

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